By Tuba Sahin
ANKARA (AA) - Factory orders in Germany tumbled more than market forecasts in August after posting growth in the previous month, according to official data released on Thursday.
New manufacturing orders fell 2.4% month-on-month in August, the largest drop in six months, German statistical office Destatis said.
The August figure, following upwardly revised growth of 1.9% in July, was worse than the market estimate of a 0.7% drop for the month.
New orders in the domestic sector decreased 3.4% in August, and total foreign orders were down by 1.7%.
Orders from the euro area dove 3.8% compared with the previous month and countries outside the eurozone fell slightly by 0.4%.
Orders for capital goods were down 2.4%, while intermediate goods saw a 4.3% fall.
On the other hand, orders for consumer goods rose 5.2%.
On an annual basis, new orders fell by a calendar-adjusted 4.1% compared to August 2021.